Save Article

Indonesia Takes New Steps
To Boost Financial Markets

By

Jay SolomonAP-Dow Jones News Service

Updated Dec. 29, 1997 12:01 a.m. ET

JAKARTA, Indonesia -- Indonesian police are investigating allegations of corruption involving three recently replaced directors of Bank Indonesia, while the central bank denied a published report that the nation's total U.S.-dollar debt stood as high as $200 billion. Both moves are aimed at restoring confidence in the nation's battered financial markets.

In this vein, Bank Indonesia also aggressively intervened on Friday in an extremely thin foreign-exchange market to boost the battered rupiah to 5,300 rupiah to the dollar...